The company had clocked a turnover of ₹ 1,700 crore in FY18, which will be increased to ₹ 3,000 by FY20 and to ₹ 10,000 crore by FY24 following completion of the expansion plans, he said.

Of the ₹ 5,500 crore planned capex, around 50% will be funded through internal accruals, ₹ 1,200 crore through equity and the remaining through debt over a period of six years, according to Sharma.

Hindustan Copper at present meets 4% of the country’s copper requirement, and Sharma said the ₹ 300-crore Gujarat copper project will soon become operational and add 50,000 tpa capacity by March next year.

Earlier this month, the government approved a fresh equity issue of 15% by HCL to fund capex plan.

Consequently, government’s shareholding in HCL will come down from 76.05% to 66.13%. Commenting on mines expansion plan, Sharma said, the company has reopened two mines in Jharkhand and Rajasthan and is looking to open more mines in near future, which will provide direct employment to 9,300 people.

“The company’s mine expansion will further gain momentum as major tenders for mine construction and production is expected to be floated soon," he added.

Meanwhile, Hindustan Copper posted around three-fold rise in profit at ₹ 35.21 crore for June quarter. Its net sales stood at ₹ 397.69 crore, while the EBDITA margin was at 29%.

Hindustan Copper shares ended 1.25% up at ₹ 64.65 apiece on the BSE on Friday, against 0.41% decline in the benchmark.